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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (169085)	12/15/2022 11:01:55 AM
From: LoneClone	Read Replies (1) \| Respond to of 192929

Cochilco cuts copper price projection for 2023 to $3.70/lb miningweekly.com 15th December 2022 By: Reuters SANTIAGO - The State-owned Chilean Copper Commission (Cochilco) on Wednesday cut its projection for the price of copper for 2023 to $3.70/lb due to greater supply. The agency in July had estimated a copper price of $3.95/lb in 2023. "The lower copper price expectation is due to the fact that the supply of the metal would grow by around 3.9%," Mining Minister Marcela Hernando said in Cochilco's statement. "While demand would increase by only 2.4%, causing a significant surplus." Cochilco's executive vice-president, Joaquin Morales, added that other factors, like "further deterioration of China's growth, more persistent inflation, interest rates at high levels for a prolonged period and a deeper recession than expected in Europe" also contributed to the lower projection. Cochilco also slightly lowered its 2022 forecast to $3.98, from the average $4.00 it estimated in July. In addition, the agency projected a production volume for Chile of 5.3-million tonnes of copper for 2022, which is a year-on-year decline of 5.8%. For 2023 the agency projects growth of 7.5% to 5.7-million tonnes. Chile is the world's largest producer of copper.